How long does it take to get approved for a credit card?

You’ve decided you need a credit card to simplify your life or earn rewards points. They are useful financial tools that are now necessary for our daily lives. They provide rewards, convenience, and numerous other perks. Now the issue is, how long does it take the card issuer to approve the application? How long till you get your new card? The approval time may stretch from several minutes to weeks, depending on the number of variables. Many people are curious about how long the approval process takes because the wait can be infuriating. This article will examine several aspects of credit card approval and answer some questions that are often asked!

Navigating Credit Card Approval in India: What to Expect

Let us explore the approval timelines and the factors that may impact the approval process. 

Approval of Credit Cards Online

Applying online is the easiest way to get a credit card. Numerous credit card issuers provide a quick approval process, allowing you to learn your status minutes after submitting your application. Using the simple online application procedure, you may apply for a credit card from the comfort of your own home. The card issuer will examine your credit history and score to assess your eligibility. They will ask for your personal information like address, income status, etc. 

The issuer can automatically approve your application if you fulfil the credit conditions. However, the card issuer may personally assess your application if you’re barely eligible, which may take time. The card issuer could want extra information or some other validations.

Approval of Credit Card by Phone or Mail

A credit card application can also be mailed or made over the phone. But unlike online applications, the approval procedure for these usually takes longer. When you apply over the phone, the credit card company may contact you with inquiries about your identification and run a credit report and score check. This could take time.

The procedure might go much more slowly if you apply for a credit card via mail. The bank will ask you to fill out a form for submission. It will personally assess your application, which might also take time.

Getting Your Credit Card

The first step is getting your credit card application accepted. Once done, you must wait for your credit card to arrive. After approval is accepted and all procedures are taken care of, you may receive your card in 7-10 business days. The delivery method and the bank might affect how long it takes to get your credit card.

In some cases, spending additional money could also allow you to expedite the shipment process.

Secured Credit Card in India: A Smart Choice for Those Struggling to Get a Credit Card

Due to poor credit ratings or a lack of credit history, not everyone may be approved for a normal credit card. Secured credit cards might be useful in this situation. Secured credit cards in india operate differently from regular credit cards. These cards are “secured” against a Fixed Deposit (FD) you make with the bank. This reduces the risk to the card issuer because the FD provides protection against any defaults. So, even if your credit score is bad, you can still get approved for a secured credit card in India!

Those having trouble getting a basic credit card accepted can consider secured credit cards. Secured credit cards offer a workable answer to individuals who need a credit card but can’t get one authorised. With less/no paperwork required, quick credit card issuance, larger credit limits, and credit development benefits, secured credit cards are the way to go!

Tips to Speed Up the Credit Card Approval Process

Are you tired of waiting forever for approval from your bank? Why don’t you look at a few simple tips to speed up your credit card approval process?

Pre-approval: A Quick Way to Speed Up Credit Card Approval

One way to get your credit card faster is to request pre-approval. Pre-approved offers are available, and all an applicant has to do is accept the offer. 

Use Instant Access Credit Cards

Some credit cards are used immediately after approval without the wait for the physical card to arrive. You could apply for store credit cards in-store and pay immediately using the account. Additionally, certain cards may be used for online purchases immediately after being tied to a digital wallet like Google Pay or Apple Wallet.

Improve Your Credit Score to Get Faster Approvals

You can boost your approval chances if you know your credit history and choose the best credit card for your needs. Also, checking it before applying for a credit card may alert you to problems or inaccuracies affecting your ratings.

Choose a Credit Card with an Online Application 

The quickest way to get approved fast is to apply for a card online! The application process is simple, and you will receive a quick decision. Applying online also avoids waiting for approval by mail or phone.

How Do You Track the Status of Your Credit Card?

Are all your procedures done? Track the status of your card by contacting the bank’s customer service or logging in to your account on the bank’s website. Some issuers will also provide SMS or email notifications on the status of your application.

To conclude

Don’t let the fear of a lengthy credit card approval procedure stop you from receiving the rewards and benefits you deserve. You can make informed choices about which credit card to apply for and how long to anticipate waiting for approval if you understand the distinctions between secured and unsecured credit cards in India and the credit card approval process. You may improve your chances of getting approved fast and efficiently by recognising these factors and following the advice in this article. So, apply now for that new credit card you’ve been eyeing and take advantage of the rewards!